“Black Swan” author Nassim Nicholas Taleb advised investors in Bitcoin BTC/USD and other cryptocurrencies who followed recommendations from influencers to keep screenshots.
What Happened: Taleb said in a recent Tweet that Bitcoin will be a “gold mine” for lawyers.
“When regulations are fuzzy, there is a lot of room for civil suits, as with the junk bond debacle (in addition to criminal ones, e.g. Milken).”
Taleb was referring to the financier Michael Milken who pleaded guilty to securities and reporting violations in 1989. Milken is known by the sobriquet “Junk Bond King.” He was sentenced to 10 years in prison and later obtained a presidential pardon from Donald Trump.
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Why It Matters: In the Twitter thread, Taleb advised investors who purchased cryptocurrencies based on explicit recommendations to keep screenshots.
2) From what I have seen, because legal costs in the U.S. are high, people end up settling just to be able to move on.
There are basic things one learns in elementary finance training, s.a. to put disclaimers left & right when it comes to a precise investment recommendation.
— Nassim Nicholas Taleb (@nntaleb) June 15, 2022
The mathematical statistician and former options trader said due to high legal costs in the United States people “end up settling just to be able to move on.”
Taleb said basic finance training involves learning how to put disclaimers “left and right” when it comes to “precise investment recommendation.”
Last year, Kim Kardashian got called out by a United Kingdom regulator for promoting an Ethereum ETH/USD knockoff. However, the “Keeping Up With The Kardashians” star did include a disclaimer in her social media post.
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